Use the Following to Answer the Question(s) Below

question 59

Multiple Choice

Use the following to answer the question(s) below.
IT staff for a large corporation has developed the following probability distribution for the number of calls requiring troubleshooting problems per day.

-If a population is normally distributed with µ = 500 and σ = 50, and a sample of size 20 is selected, the probability that the sample mean falls between 450 and 550 will be ________ the probability that an individual value falls between 450 and 550.

• A) the same as
• B) less than
• C) greater than
• D) less than or the same as
• E) approximately the same as

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Definitions:

Deadweight Loss

An economic inefficiency that occurs when there is a difference between the supply and demand equilibrium caused by market distortions, resulting in loss of economic efficiency.

Surcharge

An additional charge, tax, or cost added to the usual cost or to the price of a transaction.

Professional Basketball Game

An organized, competitive basketball contest played by professionals in a league, often characterized by high skill levels and entertainment value.

Deadweight Loss

A loss in economic efficiency that can occur when the equilibrium for a good or service is not achieved or is unattainable.